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New Member
posted Feb 5, 2025 11:35:34 AM

Is there anywhere on here where I can list my deductions for my self employment?

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2 Replies
Level 15
Feb 5, 2025 11:38:31 AM

If you are using online TurboTax you need to use Premium in order to prepare a Schedule C for your business expenses.   Or you can use any version of the desktop download to prepare the Schedule C.

Expert Alumni
Feb 5, 2025 11:40:32 AM

You will report your self employment income and expenses on Schedule C. 

For trade or business expenses to be deductible, they must be ordinary & necessary. Work-related expenses reduce your taxes by lowering the amount of self-employment income you get taxed on.

 

If your expenses are less than your income, the difference is net profit and becomes part of your income on page 1 of Form 1040 or 1040-SR. If your expenses are more than your income, the difference is a net loss. You usually can deduct your loss from gross income on page 1 of Form 1040 or 1040-SR. But in some situations your loss is limited. See Publication 334, Tax Guide for Small Business (For Individuals Who Use Schedule C),

 

Where do I enter Schedule C?

What self-employed expenses can I deduct?